CEF Advisors

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11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,217.86 -0.15 -0.33 1.66 7.32 6.52 6.10 11.48 5.78 0.82 0.82 16.16
NAV 1,185.87 -0.08 -0.44 1.03 6.01 4.93 6.28 10.36 5.16 0.22 0.22 10.50
Difference 0.07 -0.11 -0.63 -1.31 -1.59 0.18 -1.12 -0.62 -0.60 -0.60 -5.67
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.63 1.90 1.41 15.34 - - - - - - - - - - - - - - 15.34
NAV 6.70 1.40 1.92 10.27 - - - - - - - - - - - - - - 10.27
Difference -4.93 -0.49 0.51 -5.07 - - - - - - - - - - - - - - -5.07
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.68 2.60 0.89 -1.21 2.25 -7.13 0.69 -6.11 -12.21 -9.95 -8.28
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.21 2.19 0.90 -0.15 2.95 -3.57 0.01 -3.76 -7.18 -4.23 -4.01
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.46 -0.41 0.01 1.07 0.70 3.56 -0.68 2.36 5.03 5.73 4.27
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 11.80 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.29
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.16 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.46 11.62
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.64 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 1.97 -2.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.22 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.48 17.70
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.93 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.41 14.34
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.30 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.07 -3.36
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.37 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.62 -9.99
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.96 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.13 -8.17
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.33 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.51 1.82

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-0.55%
1Yr Disc
-2.16%
3Yr Disc
-1.80%
5Yr Disc
-2.70%
Rel Disc Range (3yr)
56.72%
Mkt Yield
9.41%
Lev Adj NAV Yield
7.54%
After Tax Yield*
7.91%
Est Tax Friction*
1.50%
3Yr NAV Volatiliy
10.28
1 Yr RoC
30.24%
3 Yr Dest RoC
9.66%
Leverage
26.83%
Non Lev Exp Ratio
2.11%
Beta (2yr)
0.48
Equity Exposure
40.75%
Bond Exposure
57.26%
# Holdings
84
Cash Weighted Duration
1.53
Comp NAV TR
-0.17%
Comp Discount
2.29%
Net Assets (M)
798
Liquidity - 90d (K)
2,917
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


84 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.15 -8.50 7.03 0.00 0.00 655 1,729
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.19 -0.54 7.73 14.28 32.00 1,990 3,719
DDF DI Div & Incm Fd Delaware 1.20 22.38 8.01 6.27 31.26 85 326
ZTR Virtus Glbl Div & Inc Fd Virtus 1.18 5.32 12.45 79.57 27.49 254 1,118
FOF C&S CE Opp Fd Cohen & Steers 1.16 -4.57 8.33 57.18 0.00 358 1,017
NHF NexPoint Stgc Opp Fd NexPoint Advisors 1.14 -11.80 11.11 41.48 23.17 792 2,352
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.17 -13.44 6.11 11.34 32.60 130 408
CGO Calamos Glbl Tot Rtn Fd Calamos 1.22 7.02 9.27 25.00 33.00 105 480
GLV Clough Glbl Div & Incm Fd Clough 1.16 -9.22 11.05 91.38 37.79 87 230
CHW Calamos Glbl Dyn Incm Fd Calamos 1.19 0.36 10.16 24.33 37.41 487 1,505
RIV RiverNorth Opp Fd RiverNorth 1.18 -3.24 11.99 47.39 15.65 126 623
SCD LMP Cap & Incm Fd Legg Mason 1.20 -10.50 9.39 69.13 26.67 265 724
GLO Clough Glbl Opp Fd Clough 1.14 -9.93 11.14 58.54 37.74 344 1,062
BTZ BR Cr Alloc Incm Tr BlackRock 1.16 -11.00 6.37 0.00 30.04 1,473 3,276
DBL DbLin Opportunistic Cr Fd Doubleline 1.13 -0.80 6.63 22.86 19.57 300 1,142
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 1.16 -7.80 12.30 55.90 27.32 151 624
GGM Gghm Cr Alloc Fd Guggenheim 1.16 3.43 10.62 3.43 29.11 146 637
GOF Gghm Stgc Opp Fd Guggenheim 1.15 9.96 11.12 25.69 0.00 622 3,246
AWF AB Glbl Hi Incm Fd AllianceBernstein 1.16 -10.28 7.17 0.00 39.53 1,124 2,502
PFN PIMCO Incm Stgy Fd II PIMCO 1.17 7.62 9.19 0.00 25.07 596 1,865
PFL PIMCO Incm Stgy Fd PIMCO 1.16 7.04 9.35 10.96 23.55 286 1,084
DSL DbLin Incm Solutions Fd Doubleline 1.15 0.55 8.96 2.11 29.82 2,025 6,264
RA Brkf Real Ast Incm Fd Brookfield 1.16 -6.94 10.92 38.38 24.20 857 2,626
PHK PIMCO Hi Incm Fd PIMCO 0.99 26.26 9.51 25.31 28.02 800 6,330
BIT BR Mlt-Sctr Incm Tr BlackRock 1.15 -10.12 8.39 4.03 36.49 697 1,997
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.95 26.28 9.16 21.65 35.69 106 834
CLM Cornerstone Stgc Val Fd Cornerstone 0.93 8.22 20.13 87.46 0.00 828 4,921
CRF Cornerstone Tot Rtn Fd Cornerstone 0.93 9.66 19.80 87.52 0.00 425 2,762
DNP DNP Sel Incm Fd Duff & Phelps 0.93 17.16 6.76 32.56 28.94 2,888 4,280
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.92 -1.14 13.86 89.53 12.00 597 2,853
BTO JH Fin Opp Fd John Hancock 0.96 -0.99 6.65 8.91 15.72 623 1,650
EOD WF Glbl Div Opp Fd Wells Fargo 0.95 -10.15 11.40 34.15 16.30 260 723
FDEU FT Dyn Euro Eq Incm Fd First Trust 0.96 -8.48 9.90 7.30 23.93 276 778
IHD Voya Emrg Mkt Hi Div Eq Fd Voya 0.95 -9.91 9.25 69.25 0.00 169 722
UTG Reaves Util Incm Fd W.H. Reaves 0.93 -0.59 6.01 0.00 23.65 1,663 5,597
IAE Voya AP Hi Div Eq Incm Fd Voya 0.93 -11.52 8.89 75.96 0.00 124 421
HQL Tekla Life Sci Invstr Tekla 0.88 -7.83 8.13 32.41 0.00 395 1,260
BGY BR Enh Intl DivTr BlackRock 0.95 -9.41 7.14 20.65 0.00 674 1,327
UTF C&S Infra Fd Cohen & Steers 0.91 -4.88 7.76 0.22 31.09 2,151 4,600
DPG D&P Glbl Util Incm Fd Duff & Phelps 0.92 -10.85 9.47 75.36 29.76 629 1,958
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 0.96 -1.66 9.62 71.01 0.00 614 2,374
BKT BR Incm Tr BlackRock 1.06 -5.59 6.98 18.69 31.89 399 913
NBB Nuv Taxable Muni Incm Fd Nuveen 1.07 -2.80 6.04 0.00 33.89 576 2,492
BBN BR Taxable Muni BndTr BlackRock 1.07 -2.30 6.34 3.38 36.92 1,316 3,379
MIN MFS Imd Incm Tr MFS 1.04 -8.21 9.30 70.20 0.00 473 1,249
EAD WF Incm Opp Fd Wells Fargo 1.08 -11.62 8.98 0.00 29.30 596 2,317
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.09 -0.83 6.99 0.00 34.80 858 2,411
GIM Tmp Glbl Incm Fd Franklin 1.07 -12.12 6.39 0.00 0.00 963 2,103
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 1.09 -5.57 13.10 44.95 27.40 196 1,142
RCS PIMCO Stgc Incm Fd PIMCO 0.99 37.20 7.57 24.65 42.09 306 1,500
HFRO Highland Flt Rt Opp Fd Highland Capital 1.05 -6.68 6.75 21.51 31.12 1,054 2,322
FAX Abd Asia-Pacific Incm Fd Aberdeen 1.04 -14.76 8.05 52.65 31.87 1,198 3,960
ARDC Ares Dyn Cr Alloc Fd Ares 1.08 -12.10 8.62 0.00 28.37 391 1,358
PPR Voya Prime Rt Tr Voya 1.08 -12.45 6.80 0.00 28.63 819 2,065
ARCC Ares Capital Corp Ares 1.00 1.34 9.22 0.00 40.43 7,298 34,076
PSEC Prospect Capital Corp Prospect Capital 1.02 -26.27 10.83 0.00 42.74 3,308 11,512
FSK FS KKR Capital Corp FS/KKR Advisor 1.05 -20.66 12.22 0.00 44.01 4,119 11,314
HTGC Hercules Capital Hercules 0.99 27.58 9.82 0.00 49.55 955 11,046
MAIN Main Street Cap Corp Main Street Capital 1.03 58.74 6.28 0.00 39.01 1,490 9,418
AINV Apollo Inv Corp Apollo Investment 1.03 -19.65 11.77 0.00 42.16 1,317 5,625
NMFC New Mountain Fin Corp New Mountain Capital 1.01 4.01 9.89 0.00 57.24 1,063 5,567
TSLX TPG Specialty Lending TSL Advisers 1.01 23.38 7.78 0.00 35.14 1,066 5,641
CGBD TCG BDC Carlyle 1.04 -13.46 10.01 0.00 46.08 1,054 4,696
GBDC Golub Capital BDC Golub Capital 1.01 13.90 7.04 0.00 50.18 965 3,472
TYG Tortoise Nrg Infra Corp Tortoise 0.98 -3.58 11.30 75.00 30.30 1,290 4,761
CEM CB MLP & Midstream Fd Legg Mason 0.97 -9.15 9.51 93.74 31.85 962 2,960
CEN Center Coast Brkf MLP & Nrg Infr Brookfield 1.00 3.69 14.85 94.17 37.44 246 2,695
FEI FT MLP & Nrg Incm Fd First Trust 1.01 -7.69 10.30 69.90 26.36 593 2,070
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 0.98 -9.74 11.70 30.13 37.98 482 1,652
NML NB MLP Incm Fd Neuberger Berman 0.97 -12.53 8.44 100.00 27.50 507 1,406
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.96 -6.94 10.65 100.00 26.54 412 1,632
FMO F/C Nrg Infra Fd Guggenheim 0.98 -4.29 12.33 100.00 36.14 388 1,335
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.00 -5.69 9.78 100.00 34.49 268 1,201
SMM Salient Midstream & MLP Fd Salient 0.97 -14.94 7.65 100.00 26.87 186 864
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.65 -13.43 7.95 23.48 29.64 507 1,291
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.59 -10.37 10.20 63.98 2.86 560 1,400
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.59 -13.61 8.22 69.38 7.76 985 2,557
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.21 -5.35 7.09 0.00 34.90 205 535
JPS Nuv Pref & Incm Sec Fd Nuveen 1.23 -4.26 7.30 0.00 36.60 1,960 5,746
FPF FT Imd Dur Pref & Incm Fd First Trust 1.22 -4.81 7.72 3.06 30.72 1,414 3,375
PDT JH Prm Div Fd John Hancock 1.19 9.70 7.04 7.59 34.20 735 1,193
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.20 -4.40 7.84 15.41 31.98 721 1,774
BANX StoneCastle Fin Corp StoneCastle 4.07 2.66 6.91 0.00 26.00 140 304
OXLC Oxford Lane Cap Corp Oxford Lane 4.32 41.67 15.13 0.00 39.81 275 4,779

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %